Daily Management Review

U.S. retail sales rise by 1.3% in October


According to figures issued by the U.S. Office of Commerce, retail sales in the country increased by 1.3 percent in October to reach $694.5 billion.

This growth exceeded the 1% forecasted by Reuters' survey of analysts. Retail prices increased by 8.3% annually, unadjusted for inflation.

Analysts who anticipate the U.S. economy would endure little to no recession next year are moderately optimistic as a result of these data and indications of reducing inflation.

In any case, the economy might be in for a soft landing, according to Paul Ashworth, senior economist at Capital Economics for North America.

Earlier, American retailers Walmart and Home Depot released third-quarter financial results that exceeded expectations. The U.S. National Retail Federation anticipates a 6-8% increase in holiday sales in November and December. This is better than the average increase over the last ten years (4.9%), but worse than 2021's growth of 13.5%.

source: reuters.com